Solana (SOL) processes roughly 70 million transactions per day and recorded over $143 billion in month-to-month DEX quantity as of Oct. 30, in keeping with DefiLlama.
The community operates with 1,295 consensus validators throughout 40 nations, and a Nakamoto Coefficient of 20, in keeping with the Basis’s June 2025 Community Well being Report. Manufacturing throughput runs at roughly 1,100 transactions per second.
The throughput enhancements adopted a five-hour outage in February 2024. The occasion prompted the Solana ecosystem to introduce measures resembling stake-weighted High quality of Service (QoS), checks with the Firedancer shopper in hybrid kind, and adjusted validator economics via precedence charge routing.
Transaction quantity and execution mannequin
DeFiLlama information exhibits Solana’s spot month-to-month DEX quantity at roughly $143 billion as of Oct. 30. Ethereum’s quantity in the identical interval reached practically $138 billion.
Nevertheless, Ethereum’s base layer processes fewer than 1.2 million transactions per day, whereas Solana processes over 70 million.
Ethereum routes most DeFi exercise to layer-2 rollups that batch transactions earlier than selecting the bottom layer. Solana executes all transactions on a single layer.
Jake Kennis, senior analysis analyst at Nansen, attributes Solana’s exercise to infrastructure and market catalysts.
In a word, he acknowledged:
“Solana’s runtime did the exhausting work first: Sealevel’s parallel execution, sub-second blocks, stake-weighted QoS over QUIC saved latency low and charges secure beneath load. That design prevented rollup-style fragmentation and delivered ‘one venue, one pockets, one mempool’ buying and selling.”
Market catalysts included Jito airdrops in 2023, Jupiter airdrops in 2024, memecoin exercise through Pump.enjoyable, and pockets integrations from Phantom, Jupiter, and Uniswap.
Payment construction and congestion response
Solana costs a set base charge of 0.000005 SOL per signature plus optionally available precedence charges. Throughout the early 2024 memecoin surge, transactions failed regardless of customers paying precedence charges.
Model 1.18 applied stake-weighted High quality of Service, allocating block area proportional to validator stake. Messari’s report for the second quarter of final 12 months documented congestion discount following SQoS deployment.
The charge mechanism stays native quite than international. Helius and Eclipse Labs documentation clarify that Solana’s parallel transaction scheduler doesn’t uniformly value inclusion throughout all validators based mostly on precedence charges paid.
Customers can overpay or underpay relative to the precise community load. SIMD-96 routes all precedence charges to validators, altering income distribution however not the native pricing construction.
Moreover, Jito’s July 2025 TipRouter improve permits validators to distribute precedence charges to stakers alongside protocol-defined staking rewards.
The Basis’s June 2025 report signifies that validator complete income (REV) is growing, whereas breakeven stake necessities are declining. Most stake beforehand ran on Jito’s MEV-auction infrastructure, concentrating on extraction.
SIMD-96 and shopper variety are redistributing this surplus. Kennis famous:
“Fewer single-stack dependencies imply fairer execution. Diversification could redistribute surplus: customers acquire through tighter spreads, LPs see quicker arbitrage, and validator margins compress as tip income competes down.”
Jupiter Extremely V3 and related aggregators cut back dangerous MEV whereas preserving arbitrage alternatives.
Shopper implementation and outage historical past
The Feb. 6, 2024, outage lasted 5 hours and originated from a bug within the Simply-in-Time compiler utilized by the Agave shopper.
All validators ran both Agave or Jito’s fork, requiring a coordinated community restart. The Basis’s autopsy documented the failure.
Firedancer, developed by Bounce Crypto in C++, entered testing in hybrid “Frankendancer” mode, the place Firedancer handles consensus and networking whereas Agave manages execution.
The Basis’s June 2025 report notes dozens of validators operating Frankendancer. Lab checks demonstrated 1 million TPS.
Two extra purchasers are beneath improvement, Mithril in Go and Sig in Zig.
Kennis defined:
“Shopper variety hardens the community and opens efficiency headroom. Firedancer and Frankendancer have proven ~1M TPS in checks; real-world features rely upon rollout. Even with broader validator geography, QUIC and SW-QoS maintain constant throughput.”
Electrical Capital’s 2024 Developer Report ranked Solana first when it comes to new developer additions, with roughly 7,625 new builders that 12 months.
Ethereum retains essentially the most intensive absolute developer base. Solana Cellular Stack integrates pockets, safety, and browser performance into Android {hardware}. Helium migrated its decentralized wi-fi community to Solana for on-chain settlement.
Ethereum comparability
Ethereum’s base layer processed fewer than 1.2 million transactions per day in latest intervals whereas reaching comparable DEX quantity to Solana.
The distinction is transaction compression via rollups. Arbitrum, Base, and Optimism batch a whole lot of transactions right into a single base-layer submission.
Token Terminal information exhibits that Ethereum’s EIP-1559 base charge declined in 2025 as Layer 2 exercise diminished demand on the bottom layer.
Solana’s mounted base charge, mixed with precedence charges, generates decrease per-transaction income however greater transaction counts. Whole charge income is determined by sustained transaction quantity.
Solana’s monolithic mannequin avoids cross-rollup bridging and maintains unified liquidity. The trade-off is greater validator {hardware} necessities and tighter coordination wants.
Ethereum’s rollup mannequin distributes operational complexity to Layer 2 operators, nevertheless it fragments liquidity and introduces belief assumptions associated to sequencers.
Monitoring factors
Firedancer adoption fee will decide whether or not Solana achieves shopper variety earlier than the subsequent community stress occasion. Full Firedancer deployment might allow greater throughput if validators migrate from Agave.
Payment-market enhancements via SIMDs ought to tighten the correlation between precedence charges paid and the velocity of transaction inclusion.
SIMD-96’s charge routing to validators mixed with shopper variety will take a look at whether or not validator margins compress as Kennis predicts, or whether or not throughput features offset margin strain.
MEV economics post-diversification will present whether or not aggregators efficiently cut back dangerous extraction whereas sustaining arbitrage effectivity.
If validator tip income turns into extra aggressive throughout a number of shopper implementations, staker APRs could stabilize at decrease ranges.
The information will present whether or not Solana’s parallel execution, sub-second finality, and unified liquidity mannequin can scale with out the multi-layer fragmentation Ethereum adopted, or whether or not base-layer coordination constraints finally pressure related architectural adjustments.
